Algert Global LLC Grows Position in Avnet, Inc. $AVT

Key Points

• Algert Global LLC increased its ownership of Avnet, Inc. by 45.4% in the first quarter, acquiring an additional 33,600 shares to reach a total of 107,541 shares, valued at approximately $5,172,000.
• Institutional investors collectively own 95.78% of Avnet's stock, with notable recent investments from firms like GAMMA Investing LLC and Deutsche Bank AG.
• Avnet reported earnings of $0.81 EPS for the quarter, exceeding expectations, with a revenue increase to $5.62 billion and a forecast of 3.41 EPS for the current fiscal year.

Algert Global LLC boosted its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 45.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 107,541 shares of the company's stock after acquiring an additional 33,600 shares during the quarter. Algert Global LLC owned about 0.13% of Avnet worth $5,172,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in AVT. Legacy Advisors LLC acquired a new stake in Avnet during the 1st quarter worth approximately $26,000. GeoWealth Management LLC acquired a new stake in shares of Avnet in the 4th quarter valued at approximately $31,000. Natixis lifted its holdings in shares of Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after buying an additional 688 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock valued at $39,000 after buying an additional 246 shares during the period. Finally, Curat Global LLC acquired a new stake in shares of Avnet in the 1st quarter valued at approximately $42,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Price Performance

NASDAQ AVT traded up $2.84 during mid-day trading on Friday, hitting $55.66. The stock had a trading volume of 912,819 shares, compared to its average volume of 829,423. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a market cap of $4.65 billion, a price-to-earnings ratio of 20.39, a P/E/G ratio of 0.41 and a beta of 1.06. The company has a 50 day simple moving average of $53.66 and a 200 day simple moving average of $50.78. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same period last year, the business posted $1.22 EPS. Avnet's quarterly revenue was up 1.0% on a year-over-year basis. Equities analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Wednesday, September 17th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, September 17th. This is an increase from Avnet's previous quarterly dividend of $0.33. Avnet's dividend payout ratio (DPR) is 48.35%.

Wall Street Analyst Weigh In

Several analysts have recently commented on AVT shares. Truist Financial raised their price target on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Wells Fargo & Company reduced their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Finally, Bank of America raised their price target on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a report on Monday, August 11th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Sell" and an average target price of $49.00.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.